CONFLUENCE INVESTMENT MANAGEMENT LLC – Q2 2026 PF Holdings AUM: $6.40B NEWLY BOUGHT Top-25: #SWK #BKNG #ATR #XLE #VPL #FND #RYAN #STVN #XONE #XLI #RVNU #BP #OXY #CF #DVN #CRH #BMI #GAIN #OTF #ERO #NU #MMYT #NVDA #WCN #PAGS INCREASED Top-25: #SGOV #CLX #SYK #SPYG #SPYV #SPGI #ACN #GLDM #TMO #ZTS #TLH #IBTQ #IBTP #SDY #SHLD #IEUR #AVDV #PICK #PPLT #GDX #MAIN #IIIV #HTGC #GBDC #TSLX NO-CHANGE Top-25: #BRK.A #CW #AXP #GLD #AMP #ELME #FSP REDUCED Top-25: #SNA #CB #LMT #CVX #LIN #WEC #ETR #SO #FAST #HSY #MDLZ #ADI #PGR #GILD #NTRS #KMI #CL #HD #AWK #USB #TROW #FNF #PAYX #CSCO #NDSN SOLD-OFF Top-15: #HON #SBUX #HYBB #IEI #IGSB #IBTJ #XLC #FSK #FCX #MDYG #REGL #UEC #DNN #WGO #NXE Positive Returns (YTD): #SBUX:+26% #FCX:+18% #MDYG:+16% #HON:+15% #REGL:+8% #DNN:+7% Negative Returns (YTD): #WGO:-28% #FSK:-28% #UEC:-20% #NXE:-5% #XLC:-4% #IEI:-2% #IBTJ:-2% #IGSB:-1% #HYBB:-1% Note: - Newly bought + Increased + Reduced + Sold-Off – highest invested first - Descending order based on Q2 net investment value - Returns are presented on a YTD basis